Summit Hotel Properties (NYSE:INN) Releases Quarterly Earnings Results, Misses Estimates By $0.22 EPS

by · The Markets Daily

Summit Hotel Properties (NYSE:INN – Get Free Report) released its quarterly earnings results on Monday. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22), Zacks reports. The business had revenue of $176.81 million for the quarter, compared to analysts’ expectations of $176.24 million. Summit Hotel Properties had a return on equity of 1.86% and a net margin of 3.41%. During the same quarter in the prior year, the company posted $0.22 earnings per share. Summit Hotel Properties updated its FY 2024 guidance to 0.920-0.980 EPS.

Summit Hotel Properties Stock Performance

Shares of INN stock opened at $6.49 on Thursday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $703.13 million, a P/E ratio of 649.00 and a beta of 2.05. The firm’s 50 day moving average price is $6.58 and its 200-day moving average price is $6.27. Summit Hotel Properties has a one year low of $5.66 and a one year high of $7.22.

Summit Hotel Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date of this dividend is Friday, November 15th. Summit Hotel Properties’s dividend payout ratio is presently 3,200.00%.

About Summit Hotel Properties

(Get Free Report)

Summit Hotel Properties, Inc is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the upscale segment of the lodging industry. As of November 1, 2023, the Company’s portfolio consisted of 101 assets, 57 of which are wholly owned, with a total of 15,035 guestrooms located in 24 states.

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